Payment Trends: Embracing the Shift to Electronic Payments

Businesses not embracing the shift to electronic payments may find themselves at a competitive disadvantage.

Boston, May 19, 2021 –Payments innovation has been happening at record speed in the industry. Payments are becoming faster and more efficient, and the technology to automate processes and provide access to emerging payment types has become more accessible to businesses of all sizes. Recipients are coming to expect and, in some cases, need and demand faster payments, and payers need to oblige in an efficient manner. While checks certainly still have a share of the payments landscape, electronic payments are growing in both dominance and preference.

This report provides an overview of the payment methods utilized by midsize and large businesses today and the impact of efforts to improve the payment process and electronify payments. This report, which was commissioned by Deluxe and produced by Aite Group, is based primarily on the results of a February 2021 Aite Group online survey of 213 U.S.-based midsize and large businesses with more than 20 employees and generating more than US$5 million in annual revenue.

This 23-page Impact Report contains 18 figures. Clients of Aite Group’s Wholesale Banking & Payments service can download this report, the corresponding charts, and the Executive Impact Deck.

This report mentions Mastercard and Visa.

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